Concurrency

This is the concept that allows you to make payments into a stakeholder pension at the same time that you are a member of your employer's 'company' pension scheme. If you are not a member of an occupational pension scheme you are allowed to have as many personal pension or stakeholder pension plans as you like, so long as the total contributions you make do not exceed the normal contribution limits.

However, the situation is very different if you are a member of an occupational pension scheme and wish to make payments to a stakeholder pension as well.

Concurrent membership of a normal occupational pension scheme and a stakeholder pension plan is only allowed as long as:

• Your earnings are not more than £30,000 for the tax year
• Or you are not a controlling director of the company.

If you are an employed person then you may pay up to 15% of your earnings as pension contribution to the occupational pensions scheme whilst paying up to £3,600 gross into your stakeholder pension as well.

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